What are the alternatives to proof-of-work?

Here I have enlisted some of the famous alternatives to the Proof-Of-Work. Proof-of-Burn is a new alternative to Proof-Of-Work. However, it is said to work on a similar platform as that of Proof-Of-Work. Let’s understand how des Proof-Of-Burn works and how different it is from Proof-Of-Work.

What is proof-of-work and how does it work?

However, Proof-Of-Work is not all good, in need to add blocks to the chain, the miners compete to the solve cryptographic puzzle. It results in a consumption of a lot of effort, resources, and energy. The one which successfully solves the problem and does it quickly gets a reward in the form of new altcoins.

What is proof-of-burn?

Also, Proof-Of-Burn works as a combination of Roof-Of-Stake and Proof-Of-Work and is not entirely active. I have mentioned about Proof-Of-Stake in the paragraph above. So, what is Proof-Of-Stake and how is it different from Proof-Of-Work?

What is proof-of-work (POW) for bitcoin?

It is similar to Proof-Of-Work (POW) for Bitcoin. It makes sure that new block added to the system is verified and validated. Secondly, it ensures that the system is working seamlessly. However, Proof-Of-Work is not all good, in need to add blocks to the chain, the miners compete to the solve cryptographic puzzle.